Senmiao Technology Announces Over 2.1 Million Completed Rides on its Ride-Hailing Platform in May 2021

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) reported significant operating metrics for its ride-hailing platform in May 2021. The company achieved approximately 2.1 million completed rides during the month, with a 20% growth in completed orders and a 9% increase in Active Drivers from April 2021. Since its launch, over 8.4 million rides have been completed. The average monthly growth rate of completed orders and Active Drivers is around 36% and 34%, respectively, showing a strong upward trend in platform usage.

Positive

• Achieved approximately 2.1 million completed rides in May 2021.
• 20% growth in completed orders from April 2021.
• 9% increase in Active Drivers from April 2021.
• Over 8.4 million cumulative rides completed since platform launch.
• Average monthly growth rate of completed orders at approximately 36%.
• Average monthly growth rate of Active Drivers at approximately 34%.

Negative

• None.

CHENGDU, China, June 7, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced operating metrics for its proprietary online ride-hailing platform for the month of May 2021. From April 2021 to May 2021, the growth rate of the number of completed orders was approximately 20%, and the growth rate of the number of drivers completing rides via the platform (known as Active Drivers) was approximately 9%.

Since the launch of Senmiao's online ride-hailing platform in Chengdu in October 2020, in Changsha in December 2020, in Neijiang in January 2021, and in Guangzhou at the end of March 2021, over 8.4 million rides have been completed using the platform, including over 2.1 million rides during May 2021. The average monthly growth rate of the number of completed orders and Active Drivers during the five months ended May 31, 2021, was approximately 36% and 34%, respectively.

The table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020.

		Completed Orders (Approximate, in thousands)		Total Fares Paid by Riders (Approximate, $ in thousands USD)		Active Drivers (Approximate)
October 2020		161		531		1,800
November 2020		537		1,646		3,400
December 2020		620		1,862		5,000
January 2021		910		2,626		8,300
February 2021		710		2,164		7,000
March 2021		1,540		4,492		11,500
April 2021		1,790		5,332		16,500
May 2021		2,154		6,376		18,000
Cumulative		8,422		25,029		N/A

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399

Investor Relations:
The Equity Group Inc.                                                                       In China
Adam Prior, Senior Vice President                                                    Lucy Ma, Associate
(212) 836-9606                                                                                 +86 10 5661 7012
aprior@equityny.com                                                                        lma@equityny.com

© 2021 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What were Senmiao Technology's completed ride metrics for May 2021?

Senmiao Technology completed approximately 2.1 million rides in May 2021.

How much did completed orders grow from April to May 2021 for AIHS?

Completed orders grew by approximately 20% from April to May 2021.

What is the growth rate of Active Drivers on Senmiao's platform for May 2021?

The growth rate of Active Drivers was approximately 9% from April to May 2021.

How many total rides has Senmiao completed since launching its platform?

Senmiao has completed over 8.4 million rides since the platform's launch.

What is the average monthly growth rate of completed orders for Senmiao?

The average monthly growth rate of completed orders is approximately 36%.